MSTC Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript MSTC Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MSTC reported Q1 FY27 revenue from operations of Rs. 94.25 crores, up nearly 22% year-on-year, driven by the highest-ever Q1 e-commerce revenue of Rs. 89.49 crores. EBITDA as a percentage of total income rose to 69.05% and PAT grew to Rs. 58.12 crores from Rs. 44.32 crores. Management said the company fully exited the legacy trading and marketing segment, and that its joint venture with Mahindra, MMRPL, posted a positive PAT for the first time in several years.
Numbers mentioned
Revenue from operations: Rs. 94.25 crores (Q1 FY27)
p. 3
“Revenue from operations has been Rs. 94.25 crores, which is a nearly 22% year-on-year increase over the corresponding period last year.”
Manobendra Ghoshal, page 3 of the filed PDF · View the filing
E-commerce revenue: Rs. 89.49 crores (Q1 FY27)
p. 3
“Riding on the highest ever Q1 e-commerce revenue of Rs. 89.49 crores, this is the highest in the Q1 since your company was listed in 2019 March.”
Manobendra Ghoshal, page 3 of the filed PDF · View the filing
EBITDA percentage of total income: 69.05% (Q1 FY27)
p. 3
“EBITDA percentage of total income was 69.05%, also nearly 3% higher than the corresponding period of FY26.”
Manobendra Ghoshal, page 3 of the filed PDF · View the filing
E-commerce revenue: Rs. 89.49 crores (Q1 FY27 vs Q1 FY26)
p. 7
“E-commerce revenue has shown a significant growth to Rs. 89.49 crores as compared to Rs. 70.03 crores last year”
Subrata Sarkar, page 7 of the filed PDF · View the filing
EBITDA: Rs. 81.49 crores (Q1 FY27 vs Q1 FY26)
p. 7
“So, EBITDA stands at Rs. 81.49 crores as compared to Rs. 61.88 crores, a growth of around 32%”
Subrata Sarkar, page 7 of the filed PDF · View the filing
PBT: Rs. 78.53 crores (Q1 FY27 vs Q1 FY26)
p. 7
“PBT stands at Rs. 78.53 crores as compared to Rs. 59.63 crores growth of again 31.70%”
Subrata Sarkar, page 7 of the filed PDF · View the filing
PAT: Rs. 58.12 crores (Q1 FY27 vs Q1 FY26)
p. 7
“PAT has also shown a growth of 31.14% from Rs. 44.32 crores to Rs. 58.12 crores with that EPS stands at Rs. 8.26 crores as compared to Rs. 6.30 crores.”
Subrata Sarkar, page 7 of the filed PDF · View the filing
Consolidated PAT: Rs. 58.22 crores (Q1 FY27 vs Q1 FY26)
p. 7
“profit before tax as a group has come to Rs. 78.63 crores and profit after tax is Rs. 58.22 crores and EPS is Rs. 8.27 crores as compared to Rs. 6.01 crores that is the growth of around 37.51%.”
Subrata Sarkar, page 7 of the filed PDF · View the filing
Gross Trading Volume: Rs. 23,900 crores (Q1 FY27)
p. 18
“Sir, I wanted to know the gross trading volume for this quarter was around Rs. 23,900 crores.”
Manav Bansal, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
E-commerce revenue growth — double-digit growth
stated as an aspiration by Manobendra Ghoshal
p. 9
“we have been saying for the past few investor calls that what we have been aiming at to sustain a double-digit growth.”
Manobendra Ghoshal, page 9 of the filed PDF · View the filing
TReDS platform operationalization — operationalize within FY27 · FY27
stated conditionally by Manobendra Ghoshal
p. 10
“So, we are hoping that this should happen in this financial year, we should be able to hopefully get the approval and then operationalize it. So, our internal target is hopefully FY27, within FY27.”
Manobendra Ghoshal, page 10 of the filed PDF · View the filing
TReDS platform — operationalize · FY27
stated conditionally by Manobendra Ghoshal
p. 4
“This project is also at an advanced stage and subject to regulatory approvals being obtained, we should be able to operationalize this sometime during this FY27.”
Manobendra Ghoshal, page 4 of the filed PDF · View the filing
Dividend policy — minimum 4% of net worth or 30% of PAT, whichever is higher
stated firmly by Subrata Sarkar
p. 18
“it will be guided by the policy of the Government of India, that is a DIPAM. Minimum that is 4% of the net worth or 30% of the PAT, whichever is higher.”
Subrata Sarkar, page 18 of the filed PDF · View the filing
EBITDA margin — average margin range
stated as an aspiration by Subrata Sarkar
p. 13
“although the endeavor will be to have an average margin in the range of these, but of course, in a higher volume, it may get little bit steep.”
Subrata Sarkar, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed growth to higher mineral block sales and scrap sales, calling scrap cyclical but broadly sustainable, and cited new verticals as future contributors.
Answered by Bhanu Kumar
Asked by Saurabh Ginodia: Are the key drivers behind the 20% YoY e-commerce growth sustainable over the next three quarters?
p. 9
“But scrap has always been a cyclical thing. The steel sector as such is very cyclical. So, the rates keep going up and down.”
Bhanu Kumar, page 9 of the filed PDF · View the filing
Management said the primary revenue source will be transaction fees, contingent on regulatory approval and ecosystem scale-up.
Answered by Subrata Sarkar
Asked by Saurabh Ginodia: What is the business model and revenue driver for the TReDS platform?
p. 9
“as of now, our primary focus will be to get transaction fee out of this, number one.”
Subrata Sarkar, page 9 of the filed PDF · View the filing
Management said the platform and integrations are complete and it is awaiting a government notification to begin operations.
Answered by Manobendra Ghoshal
Asked by Saurabh Ginodia: What is holding up the EPR ETP go-ahead?
p. 10
“it is now ready to roll. And obviously, I mean to start operating an exchange, it will have to be after a specific notification is issued by the government for which we are waiting, which should hopefully happen.”
Manobendra Ghoshal, page 10 of the filed PDF · View the filing
Management said there is no minimum guarantee, though the EOI gives some indication, and the government will ensure transactions route through the exchange.
Answered by Bhanu Kumar
Asked by Surabhi: Has CPCB committed a minimum volume for the EPR platform for the first couple of years?
p. 11
“Not really, but they have given some kind of an indication in the EOI.”
Bhanu Kumar, page 11 of the filed PDF · View the filing
Management said volumes are picking up and the venture has become profitable this quarter.
Answered by Manobendra Ghoshal
Asked by Surabhi: What volumes are being routed through the Mahindra JV and is it profitable?
p. 11
“It has already become profitable in this quarter.”
Manobendra Ghoshal, page 11 of the filed PDF · View the filing
Management acknowledged multiple exchanges are permitted under the Gazette notification and said they expect enough volume for multiple platforms.
Answered by Bhanu Kumar
Asked by Surabhi: Will MSTC's coal exchange volumes be affected by IEX's planned coal exchange?
p. 12
“there will be multiple exchanges in the Gazette notification itself. It's very clearly mentioned that there will be multiple exchanges.”
Bhanu Kumar, page 12 of the filed PDF · View the filing
Management said it was premature to speculate on such projected numbers since the transaction ecosystem hasn't started operating.
Answered by Bhanu Kumar
Asked by Vinayak Mohta: What revenue could the EPR exchange generate, given estimates of a $2 billion market and 4% fees?
p. 16
“It's a little premature to talk on those numbers because these are all projected for 5 years hence.”
Bhanu Kumar, page 16 of the filed PDF · View the filing
Management said margins could face some pressure at higher volumes even as they aim to keep overheads controlled and margins in an average range.
Answered by Subrata Sarkar
Asked by Kumar Saurabh: Can the over 60% EBITDA margins continue with operating leverage as growth continues?
p. 13
“if it goes beyond certain scalable level, obviously, the margins will get increased because to get a higher volume and everything. So, some kind of pressure will be on the margins also.”
Subrata Sarkar, page 13 of the filed PDF · View the filing
Management said the outlook is positive but declined to speculate on continuity.
Answered by Subrata Sarkar
Asked by Manav Bansal: Can the Mahindra JV profit seen this quarter continue going forward?
p. 19
“So, outlook is positive, but we cannot speculate at this moment, but the outlook is very-very much positive.”
Subrata Sarkar, page 19 of the filed PDF · View the filing
Risks flagged
Scrap revenue is cyclical and tied to steel sector fluctuations
p. 9
“But scrap has always been a cyclical thing. The steel sector as such is very cyclical. So, the rates keep going up and down.”
Bhanu Kumar, page 9 of the filed PDF · View the filing
High growth rates are not sustainable on a continuous basis and will average out over time
p. 13
“growth of a very high level is obviously not a sustainable thing over continuous period. So, there will always be periods of higher growth and then periods of correspondingly lower growth.”
Manobendra Ghoshal, page 13 of the filed PDF · View the filing
TReDS platform revenue and timeline are contingent on RBI regulatory clearance, which the company cannot control
p. 10
“It is very difficult because RBI is a regulator, who can only decide, we cannot decide.”
Subrata Sarkar, page 10 of the filed PDF · View the filing
EPR certificate exchange revenue depends on government notification and enforcement, which is uncertain
p. 10
“Anytime it is expected to happen. These are policy decisions actually, so we cannot predict as to when the government will actually issue the notification.”
Bhanu Kumar, page 10 of the filed PDF · View the filing
Competition from other coal exchanges such as IEX could affect market share
p. 12
“there are other entities also who are planning to launch their own coal exchanges.”
Bhanu Kumar, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.